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Turbo-Charging Make In India: Centre Plans To Incentivise 324 Global Manufacturers To Set Up Factories In India
Make in India symbol (MONEY SHARMA/AFP/Getty Images)
In a bid to boost its Make in India initiative, the central government is formulating a plan to offer incentives to 324 international manufacturers like Tesla Motors and GlaxoSmithKline to establish their plants in India, reports Bloomberg.
The government wants to take advantage of the window of opportunity presented by the ongoing US-China trade war. As per a draft of the plan created by the Department for Promotion of Industry and Internal Trade and the government’s investment promotion agency, Invest India, all the major requirements of these companies will be taken care of by the government, including allotment of land, power supply as well as road and water access.
The plan also proposes setting up a land bank which through which the government will give these companies ready-to-move-in land parcels in industrial clusters, as well location specific incentives.
In the electronics and telecom sector, flexible employment rules and incentives relating to value addition in manufacturing will be used to woo these companies.
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